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Sep 10, 2002
Issue of Securities Under Offering; Plans to Commence Drilling
Tony Climie, P. Geol, President of Mindoro Resources Ltd. (the "Company"), is pleased to report the following securities were issued on September 9, 2002 pursuant to an offering under the TSX Venture Exchange Short Form Offering Policy (the "Offering"), previously announced July 10, 2002:
Securities Amount Issued Expiry of Hold Period (if any) Common Shares 2,105,900 None Common Shares 9,000 January 10, 2003 Purchase Warrants 2,105,900 None Purchase Warrants 9,000 January 10, 2003 Agent's Warrants 211,490 January 10, 2003
The Company received gross proceeds of $232,639.00 less commission of $23,263.90 paid to the agent in the Offering, Wolverton Securities Ltd. (the "Agent"). The Company previously paid a $10,000 retainer to the Agent to offset expenses incurred on the Company's behalf. Under the terms of the Offering, a total of 3,000,000 units may be sold at $0.11 per unit until September 23, 2002. Units consist of one common share and one common share purchase warrant. Each purchase warrant entitles the holder to purchase one additional common share during the first year for $0.15 and during the second year for $0.30. Agent's warrants entitle the Agent to purchase one common share from the Company at $0.11 for two years. Net proceeds from the Offering will be used to advance the Company's projects in the Philippines and for general working capital.
DRILLING TO COMMENCE ON PAN DE AZUCAR
Drilling is planned to commence on the Company's Valderama Deposit (Pan de Azucar Project) prior to the end of the month. Approximately 1,100 meters of diamond drilling in 10 - 12 drill holes are planned with the objective of defining a mineral resource for the Valderama Deposit. An 1,100 meter drill program in late 2001 discovered a tabular, massive pyritic sulphide deposit at shallow depth, referred to as the Valderama Deposit, with associated copper, gold, silver and zinc mineralization (see news releases of July 10, January 9, 2002 and December 3, and October 2, 2001). The Valderama Deposit has been only partially outlined and is open in most directions. Based on drill results to date, and extent of geophysical and geochemical anomalies, a reasonable target objective for the Valderama Deposit is 15-20 million tonnes containing 1.5 to 2 million ounces gold equivilant. The full Pan de Azucar technical report is available on SEDAR (http://www.sedar.com).
Mindoro is a Tier One Company listed on the TSX Venture Exchange (Symbol MIO). The Company is exploring for gold and gold-copper in the high-potential magmatic arcs of the Asia Pacific Region and is presently focussed on six promising projects in the Philippines.
For further information, contact Penny Gould, Executive Vice President.
Phone: (1-780) 413-8187
Fax: (1-780) 426-2716
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next Press Releases item: Mon Sep 16, 2002, MAJOR EPITHERMAL VEIN-SYSTEM DEFINED ON LOBO PROJECT
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